摘要
以国内上市公司2010-2013年面板数据为样本,利用Olley-Pakes半参数方法测算公司的全要素生产率,在委托代理理论的框架下,对股权结构与全要素生产率的关系进行了实证研究.结果表明:股权集中度与全要素生产率呈现出较强的负相关,股权制衡度越高,其他股东对控股股东的约束力越强,越可能抑制控股股东"支持效益";而股权制衡度与全要素生产率具有一定程度的正相关,企业的股权制衡度越高,其他股东对控股股东的约束力越强,越可能抑制"掏空效益".适度的股权集中和制衡架构,有利于企业提高全要素生产率,更高效地利用资源投入,促进生产和经营.
Enterprise efficiency is not only an important index of macroeconomic,but also the direct concern of micro enterprise.Among numerous efficiency indexes,the total factor productivity（TFP）which reflects enterprise production frontier is the key point of this study,and the ownership structure will influence the distribution of enterprise production factors and resources,thus directly or indirectly have an impact on productivity.Therefore,in this study the relationship is to be analyzed between ownership structure and TFP according to theory about corporate governance.On this basis,this study took the panel data from 2010 to 2013of domestic listed companies as the sample,utilized the Olley-Pakes semiparametric method to estimate the companies＇ TFPs,and conducted empirical research on the relationship between equity structure and TFP in the framework of principal agent theory.The results indicate that,as for the listed companies,there is a strong positive correlation between equity concentration and TFP.With higher equity concentration and stronger incentive of controlling shareholders,there is more likely a support effect boosting the TFP.Proper structure of equity concentration and balance helps enterprises to enhance the TFP,improve the utilization efficiency of resource commitment and promote production and management.
出处
《西南师范大学学报（自然科学版）》
CAS
北大核心
2017年第3期119-127,共9页
Journal of Southwest China Normal University(Natural Science Edition)
